The Fort Worth-based Crescent netted $9.2 million from the sale and applied the gain to pay down property-level secured debt. Crescent brought the property to market under the watch of Andrea Peskind, senior director in Dallas for Cushman & Wakefield of Texas Inc., and Brad Thornburg, associate director.
The Crescent building was one of three class A office properties that the C&W team sold this week. Confidentiality clauses bar C&W from saying anymore, but the fact-finding process is well underway with local sources and the seller of the class A pair of more than 600,000 sf.
Crescent's four-story building was a build-to-suit for Steak & Ale's headquarters. It was last occupied by Perot Systems Inc., which vacated in August 2003. The building design would make it difficult to multi-tenant, the seller and sources confirm.
For now, the 12404 Park Central sale closes out the Dallas side of Crescent's portfolio churning. "Today, this is the last Dallas building held for sale," Keira B. Moody, the REIT's investor relations director, tells GlobeSt.com about the purchase by a New York City opportunity fund. "But something may change...and the criteria may change. We will continue to evaluate our portfolio on a case-by-case basis." Crescent, in a move to become a real estate management company, does have partial interests in key Dallas properties available to the market.
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